Medivation, Inc. (MDVN) Reports Q1 EPS of $0.01
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Price: $81.44 --0%
Financial Fact:
Research and development: 73.38M
Today's EPS Names:
BTTX, VAXX, ELYS, More
Financial Fact:
Research and development: 73.38M
Today's EPS Names:
BTTX, VAXX, ELYS, More
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Medivation, Inc. (NASDAQ: MDVN) reported Q1 EPS of $0.01 vs. the analyst estimate of $1.16. Revenue for the quarter came in at $36.8 million versus the consensus estimate of $73.8 million (Numbers may not be comparable)
Due to the termination of the Pfizer collaboration, the Company recognized $30.9 million of deferred revenue from that collaboration in the first quarter of 2012 and expects to recognize $35.6 million and $5.5 million of the remaining deferred revenue from that collaboration in the second and third quarters of 2012, respectively. Based on its current estimate of the performance period under the Astellas collaboration, the Company expects to continue to recognize the $65.3 million of deferred revenue remaining from that collaboration as of March 31, 2012 at a rate of approximately $5.9 million per quarter until all such deferred revenue has been recognized.
Medivation continues to expect total operating expenses for 2012, net of cost-sharing payments from Astellas, to be between $155 and $170 million. This forecast includes approximately $17 million of non-cash stock-based compensation expense. Medivation also expects to incur approximately $15 million in capital expenditures in 2012, primarily related to its new corporate and commercial headquarters.
Medivation continues to expect to receive $45 million in development milestone payments in 2012 under its collaboration agreement with Astellas, based on the assumed acceptance for filing of marketing applications for enzalutamide in post-chemotherapy prostate cancer patients in both the U.S. and Europe ($10 million and $5 million, respectively) and the anticipated approval of the U.S. marketing application ($30 million) in 2012. Medivation is required to share ten percent of any such development milestone payments received with the licensor of its enzalutamide technology.
For earnings history and earnings-related data on Medivation, Inc. (MDVN) click here.
Due to the termination of the Pfizer collaboration, the Company recognized $30.9 million of deferred revenue from that collaboration in the first quarter of 2012 and expects to recognize $35.6 million and $5.5 million of the remaining deferred revenue from that collaboration in the second and third quarters of 2012, respectively. Based on its current estimate of the performance period under the Astellas collaboration, the Company expects to continue to recognize the $65.3 million of deferred revenue remaining from that collaboration as of March 31, 2012 at a rate of approximately $5.9 million per quarter until all such deferred revenue has been recognized.
Medivation continues to expect total operating expenses for 2012, net of cost-sharing payments from Astellas, to be between $155 and $170 million. This forecast includes approximately $17 million of non-cash stock-based compensation expense. Medivation also expects to incur approximately $15 million in capital expenditures in 2012, primarily related to its new corporate and commercial headquarters.
Medivation continues to expect to receive $45 million in development milestone payments in 2012 under its collaboration agreement with Astellas, based on the assumed acceptance for filing of marketing applications for enzalutamide in post-chemotherapy prostate cancer patients in both the U.S. and Europe ($10 million and $5 million, respectively) and the anticipated approval of the U.S. marketing application ($30 million) in 2012. Medivation is required to share ten percent of any such development milestone payments received with the licensor of its enzalutamide technology.
For earnings history and earnings-related data on Medivation, Inc. (MDVN) click here.
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